Cherkizovo Group (MOEX: GCHE), the largest vertically integrated meat producer in Russia, announces operating results for December, the fourth quarter, and full 2020.[1]
Fourth quarter 2020 highlights:
Chicken: Sales volume of 176.2 thousand tonnes was in line with the 4Q19 and previous quarter results. Average sales price increased by 4% y-o-y and 5% q-o-q.
Turkey: JV Tambov Turkey sales volume of 11.3 thousand tonnes increased by 1% y-o-y and 11% compared to the previous quarter. Average sales price declined 3% y-o-y and increased by 1% q-o-q.
Pork: Sales volume declined by 5% y-o-y and increased by 11% q-o-q. Average sales price increased by 19% y-o-y and fell by 8% q-o-q, as domestic pork crept higher, imports declining to negligible levels, and demand from local and export customers supporting the prices which increased by 19% y-o-y.
Meat Processing: Sales volume growth of 5% y-o-y and 6% q-o-q was driven by the broadened distribution of the sausage products. Average sales price increase of 7% y-o-y is attributed to the higher prices of the sausages and carcasses.
Grain (annual results): Harvest of 797 thousand tonnes increased by 34% y-o-y with sales adding 27% y-o-y. Optimized crop rotation focusing on wheat, corn, and soybeans, coupled with higher yields achieved, are the significant drivers for better results than last year.
Monthly performance
|
|
December 2020 |
December 2019 |
Change % y-o-y |
November 2020 |
Change % m-o-m |
|
|
|
|
|
|
|
|
|
|
Chicken |
|
|
|
|
|
|
|
Volume sold, thousand tonnes |
57.59 |
59.77 |
(4%) |
60.94 |
(5%) |
|
|
Average price, RUB/kg |
117.67 |
110.91 |
6% |
111.41 |
6% |
|
|
|
|
|
|
|
|
|
|
Turkey* |
|
|
|
|
|
|
|
Volume sold, thousand tonnes |
3.95 |
4.06 |
(3%) |
3.55 |
11% |
|
|
Average price, RUB/kg |
180.62 |
179.25 |
1% |
171.63 |
5% |
|
|
|
|
|
|
|
|
|
|
Pork** |
|
|
|
|
|
|
|
Volume produced, thousand tonnes |
27.39 |
25.55 |
7% |
25.83 |
6% |
|
|
Volume sold, thousand tonnes |
26.26 |
24.63 |
7% |
25.40 |
3% |
|
|
Average price, RUB/kg |
98.22 |
73.27 |
34% |
87.26 |
13% |
|
|
|
December 2020 |
December 2019 |
Change % y-o-y |
November 2020 |
Change % m-o-m |
|
|
Meat Processing |
|
|
|
|
|
|
|
Volume, thousand tonnes |
24.60 |
22.40 |
10% |
22.70 |
8% |
|
|
Sausages |
11.85 |
10.83 |
9% |
10.14 |
17% |
|
|
Cuts |
2.78 |
2.61 |
6% |
2.72 |
2% |
|
|
Carcass |
8.27 |
7.95 |
4% |
8.45 |
(2%) |
|
|
By-products |
1.71 |
1.01 |
70% |
1.39 |
23% |
|
|
Average price, RUB/kg |
179.04 |
164.74 |
9% |
164.83 |
9% |
|
|
Sausages |
208.29 |
202.51 |
3% |
196.42 |
6% |
|
|
Cuts |
220.38 |
208.88 |
6% |
207.71 |
6% |
|
|
Carcass |
143.16 |
113.81 |
26% |
128.12 |
12% |
|
|
By-products |
82.73 |
46.18 |
79% |
74.02 |
12% |
|
|
|
|
|
|
|
|
|
|
Samson*** |
|
|
|
|
|
|
|
Volume sold, thousand tonnes |
3.21 |
2.39 |
34% |
2.96 |
9% |
|
|
Average price, RUB/kg |
202.68 |
204.55 |
(1%) |
193.23 |
5% |
Quarterly performance
|
|
4Q 2020 |
4Q 2019 |
Change % y-o-y |
3Q 2020 |
Change % q-o-q |
|
|
|
|
|
|
|
|
|
|
Chicken |
|
|
|
|
|
|
|
Volume sold, thousand tonnes |
176.20 |
175.40 |
0% |
175.88 |
0% |
|
|
Average price, RUB/kg |
113.08 |
109.05 |
4% |
108.02 |
5% |
|
|
|
|
|
|
|
|
|
|
Turkey* |
|
|
|
|
|
|
|
Volume sold, thousand tonnes |
11.29 |
11.23 |
1% |
10.19 |
11% |
|
|
Average price, RUB/kg |
170.51 |
176.00 |
(3%) |
172.25 |
(1%) |
|
|
|
|
|
|
|
|
|
|
Pork** |
|
|
|
|
|
|
|
Volume produced, thousand tonnes |
78.28 |
82.24 |
(5%) |
69.80 |
12% |
|
|
Volume sold, thousand tonnes |
75.83 |
79.41 |
(5%) |
68.40 |
11% |
|
|
Average price, RUB/kg |
95.03 |
80.08 |
19% |
102.74 |
(8%) |
|
|
|
|
|
|
|
|
|
|
Meat Processing |
|
|
|
|
|
|
|
Volume, thousand tonnes |
70.37 |
66.87 |
5% |
66.25 |
6% |
|
|
Sausages |
32.30 |
30.45 |
6% |
29.09 |
11% |
|
|
Cuts |
8.28 |
7.91 |
5% |
9.21 |
(10%) |
|
|
Carcass |
24.94 |
25.24 |
(1%) |
23.99 |
4% |
|
|
By-products |
4.84 |
3.27 |
48% |
3.97 |
22% |
|
|
|
4Q 2020 |
4Q 2019 |
Change % y-o-y |
3Q 2020 |
Change % q-o-q |
|
|
Average price, RUB/kg |
171.73 |
160.66 |
7% |
171.90 |
(0%) |
|
|
Sausages |
199.49 |
191.48 |
4% |
188.96 |
6% |
|
|
Cuts |
215.58 |
210.71 |
2% |
223.24 |
(3%) |
|
|
Carcass |
139.67 |
122.37 |
14% |
151.17 |
(8%) |
|
|
By-products |
76.66 |
48.37 |
58% |
53.04 |
45% |
|
|
|
|
|
|
|
|
|
|
Samson*** |
|
|
|
|
|
|
|
Volume sold, thousand tonnes |
9.02 |
7.10 |
27% |
8.22 |
10% |
|
|
Average price, RUB/kg |
197.78 |
200.77 |
(1%) |
207.85 |
(5%) |
Annual performance
|
|
2020 |
2019 |
Change % y-o-y |
|
|
|
|
|
|
|
|
Chicken |
|
|
|
|
|
Volume sold, thousand tonnes |
695.1 |
663.0 |
5% |
|
|
Average price, RUB/kg |
107.7 |
106.0 |
2% |
|
|
|
|
|
|
|
|
Turkey* |
|
|
|
|
|
Volume sold, thousand tonnes |
41.0 |
39.4 |
4% |
|
|
Average price, RUB/kg |
174.0 |
169.2 |
3% |
|
|
|
|
|
|
|
|
Pork** |
|
|
|
|
|
Volume produced, thousand tonnes |
301.5 |
284.2 |
6% |
|
|
Volume sold, thousand tonnes |
292.8 |
274.6 |
7% |
|
|
Average price, RUB/kg |
90.6 |
89.1 |
2% |
|
|
|
|
|
|
|
|
Meat Processing |
|
|
|
|
|
Volume, thousand tonnes |
260.3 |
245.6 |
6% |
|
|
Sausages |
113.6 |
107.7 |
6% |
|
|
Cuts |
31.3 |
31.8 |
(2%) |
|
|
Carcass |
99.8 |
93.0 |
7% |
|
|
By-products |
15.6 |
13.2 |
19% |
|
|
Average price, RUB/kg |
164.7 |
163.0 |
1% |
|
|
Sausages |
192.0 |
187.9 |
2% |
|
|
Cuts |
214.9 |
211.7 |
2% |
|
|
Carcass |
134.5 |
134.1 |
0% |
|
|
By-products |
59.2 |
45.5 |
30% |
|
|
|
2020 |
2019 |
Change % y-o-y |
|
|
|
|
|
|
|
|
Samson*** |
|
|
|
|
|
Volume sold, thousand tonnes |
31.08 |
22.67 |
37% |
|
|
Average price, RUB/kg |
199.08 |
204.94 |
(3%) |
|
|
|
|
|
|
|
|
Grain**** |
|
|
|
|
|
Volume harvested, thousand tonnes |
796.64 |
592.97 |
34% |
|
|
Wheat |
507.78 |
320.60 |
58% |
|
|
Corn |
109.77 |
99.31 |
11% |
|
|
Barley |
18.13 |
38.99 |
(54%) |
|
|
Sunflower |
71.41 |
84.42 |
(15%) |
|
|
Soybean |
58.82 |
38.48 |
53% |
|
|
Other |
30.73 |
11.17 |
175% |
|
|
Volume sold, thousand tonnes |
662.97 |
523.98 |
27% |
|
|
Wheat |
410.44 |
277.12 |
48% |
|
|
Corn |
96.54 |
94.58 |
2% |
|
|
Barley |
10.56 |
37.93 |
(72%) |
|
|
Sunflower |
71.41 |
83.41 |
(14%) |
|
|
Soybean |
45.40 |
6.88 |
560% |
|
|
Other |
28.62 |
24.06 |
19% |
|
|
Average price, RUB/kg |
16.72 |
11.02 |
52% |
|
|
Wheat |
12.34 |
9.02 |
37% |
|
|
Corn |
11.72 |
8.76 |
34% |
|
|
Barley |
11.31 |
8.62 |
31% |
|
|
Sunflower |
40.46 |
17.09 |
137% |
|
|
Soybean |
34.80 |
21.58 |
61% |
* Volume and prices reported in turkey section represent sales of the Trading Company “Cherkizovo”.
** Difference in the volume produced and volume sold in the pork segment is attributable to retained gilts replacement. Volumes sold include both intercompany and 3rd party sales.
*** Volumes and prices reflect total sales of Samson – Food products, an associate company where the Company has 75% interest.
**** Volumes are in dry weight
[1] Volume data is presented before intersegment eliminations and denotes to sales volumes except noted (**).
All prices in the release are net of sales volume discounts and VAT.
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